Visa say UK consumers ‘will not be impacted’ by Amazon spat

Visa has said it anticipates its card fee dispute with Amazon will be resolved, and that UK consumers will not be impacted, according to sources reported by Reuters.

Vasant Prabhu, chief financial officer at the card giant, told the news organisation: “We’ve resolved these things in the past and I believe we'll resolve them in the future."

He added: "It is our expectation that there will be a resolution so that UK consumers are not impacted."

The news comes after Amazon announced last week that next year it will no longer accept Visa credit cards as a form of payment on its e-commerce platform in the UK, citing Visa’s “high costs.”

The retail giant said it will stop accepting UK-issued Visa credit cards from 19 January 2022.

https://www.fstech.co.uk/fst/Amazon_To_Stop_Accepting_Visa_Credit_Cards_In_The_UK.php

The news comes as some organisations are looking to challenge Visa and Mastercard’s dominance in the payments space.

The European Payments Initiative (EPI), a European Commission-backed initiative to create a pan-European payments network that can rival Visa and Mastercard, appealed for public funding last week.

https://www.fstech.co.uk/fst/EC_Backed_Mastercard_And_Visa_Rival_Seeks_Funding.php

Payments is a high margin industry; according to payments consultancy CMSPI, card payments providers enjoy profit margins of 30 to 50 per cent.

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